Donor-Advised Funds: Directing Your Impact
For 50 years, the MCV Campus was a second home for B. Ellen Byrne, D.D.S., Ph.D.
“I don't remember a time when I wasn't connected to the MCV Campus,” said Dr. Byrne, a former MCV Foundation trustee who earned degrees at the VCU schools of Pharmacy, Dentistry and Medicine.
I saw others giving back, and I also saw the benefit as I went through my trajectory as a faculty member and then academic dean in dentistry.
B. Ellen Byrne, D.D.S., Ph.D., former MCV Foundation trustee
Dr. Byrne retired in 2024 as senior associate dean of the School of Dentistry and says she stayed on campus and was inspired to give back because of the many wonderful people and mentors she had throughout her personal and professional journey.
“I saw others giving back, and I also saw the benefit as I went through my trajectory as a faculty member and then academic dean in dentistry,” Dr. Byrne said. “I also thought about what I could do for someone who was taking the same path. When I got to the point that I felt like I could do something, I did.”
She and her husband, Mel Fitzgerald, created a donor-advised fund after learning about them from their financial adviser. A donor-advised fund functions as a dedicated piggy bank for philanthropic giving that provides both immediate and long-term benefits.
“You can give annual support through the fund, you can also make a one-time special grant, and you can also leave the remainder of the fund as an estate gift,” Dr. Byrne said of the three main ways to leverage a donor-advised fund. “I’ve done two of the three, and my goal is to do the third one.”
To create their DAF, they contributed money tax-free into a fund sponsored by a financial institution that holds the assets and provides investment management and administrative support. Creating the fund provides a tax deduction right way, and over the years, the fund grows through tax-free interest from investments or through additional charitable gifts to the balance.
“When I learned that you could do something meaningful to support students and get these various benefits, it was a no-brainer,” Dr. Byrne said. “I can watch our funds grow in that account, and we’ve continued to add to it.”
Dr. Byrne and her husband began using their fund to support scholarships on the MCV Campus through annual giving. They also intend to donate the remainder of their fund as a legacy gift through their estate. They appreciate the ease and flexibility of this resource for supporting what they care most about.
“It’s absolutely seamless,” Dr. Byrne said. “It’s easier than writing a check. Once you establish one, the only decision you must make is where you want to give the funds.”
If you would like to learn more about how to support the MCV Campus through a planned gift, please contact Jason Chestnutt, CFP®, executive director of planned giving for the MCV Campus, at 804-828-1671 or chestnuttjr@vcu.edu.
